Canada already suffers from high wireless rates, but if you make a habit of calling long distance using your mobile phone, costs can quickly spiral out of control. Local start-up EQO aims to change that with EQO Mobile, a free application that brings free instant messaging (via AIM, MSN, Yahoo, and many other services) and cheap voice and texting to the mobile space. By leveraging VOIP and your own data plan, EQO circumvents your wireless carrier, dramatically lowering the cost of international calling. There are a few caveats, such as making sure your phone will work with the software, and going through the process of installing EQO’s software. But if you make a lot of international calls, EQO looks like a promising way to pare down your phone bill. EQO will be presenting at the upcoming Financing Forum, which kicks off at the Hyatt Regency in downtown Vancouver on January 16th.